Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up on Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR) shares gapped up prior to trading on Thursday after B. Riley raised their price target on the stock from $15.00 to $24.00. The stock had previously closed at $19.40, but opened at $20.45. B. Riley currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $19.89, with a volume of 2,012,335 shares.

Several other brokerages have also recently weighed in on BTDR. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Benchmark raised their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Rosenblatt Securities increased their price objective on Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Roth Mkm lifted their price objective on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $19.80.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds have recently bought and sold shares of the business. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Bitdeer Technologies Group during the second quarter valued at approximately $272,000. Thomist Capital Management LP purchased a new position in Bitdeer Technologies Group during the second quarter valued at $1,156,000. XTX Topco Ltd bought a new stake in Bitdeer Technologies Group in the second quarter worth $276,000. Symmetry Investments LP purchased a new stake in shares of Bitdeer Technologies Group in the second quarter worth $432,000. Finally, D1 Capital Partners L.P. bought a new position in shares of Bitdeer Technologies Group during the second quarter valued at $5,386,000. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The stock has a market cap of $2.29 billion, a PE ratio of -39.40 and a beta of 2.27. The firm has a 50-day moving average price of $12.53 and a 200-day moving average price of $9.77.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.